BITCOIN Is this simply a big Bull Flag?

Bitcoin (BTCUSD) touched today the bottom of the Channel Down pattern that started a month ago on the March 14 High. Ever since is posted Lower Highs and Lower Lows, dropping under the 1D MA50 (blue trend-line). Since the long-term trend for months has been a parabolic rally, this pattern can be seen just as a big Bull Flag, a necessary short-term pull-back before new Highs.

As BTC is approaching the 1D MA100 (green trend-line), it is important to know that the last time it did was on January 23 and it held it as Support, closing the 1D candle above it. Technically that is the tolerance limit, in order to the uptrend to stay valid with low entry buyers.

The January 23 Low initiated a rebound that peaked marginally above the 2.618 Fibonacci extension, the March 14 High. If the same pattern is repeated, we can see $95000 by June.

How probable do you think that is? Feel free to let us know in the comments section below!


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